ASI Limited Becomes First in $350M Park

INDIANAPOLIS-ASI Limited, a company that makes building enclosures and ornamental metals, has agreed to lease 180,000 sf in a 280,000-sf industrial building in the new 500-acre AllPoints at Anson flex park here. The company is the first tenant in the park, a joint venture between Duke Realty Corp. and Browning Investments. Sources have estimated that the park will have about seven million sf of industrial and office developments, valued at about $350 million.

The park is part of the 1,700-acre, mixed-use development dubbed Anson. The park will be a full community, with retail, residential, health care, office and industrial properties, says Mark Hosfeld, VP of leasing with Duke Realty Indianapolis.

He says that Duke's Park 100 seven miles away is about full. Duke hopes to move expanding companies, such as ASI which now leases space there, into AllPoints. "This building will better fit their needs," Hosfeld says. "It will provide interstate exposure. The industry they're in, they make and install glass in many high-profile buildings, such as the Colts stadium. They're going to put glass and other metals outside to show off their products to motorists on I-65." ASI will also incorporate its racing division, SS Racing LLC, into its new, 10-year leased space at Building 14 in AllPoints. The building will be completed in March 2008.

Duke already has built another building in AllPoints, a 630,000-sf speculative facility. Building 100 is complete, and there are "numerous prospects for parts and all of the building," Hosfeld tells GlobeSt.com. "There's a potential for another 500,000-sf building to be built soon. Demand is pretty good, there's a 6% vacancy rate." The lease rate for these types of buildings is about $3.25 to $4 per sf, he says.